With a few key tips and the right accounting software, this otherwise daunting task of streamlining your finances can be a lot easier than it seems.Read More
Have you been noticing the #MoneyandMimosas on Instagram and all your friends posting about mimosas? We hope so! Because that would make our champagne glasses bubble over with joy.
Every Friday, we encourage our readers and community to post a photo of themselves with a mimosa, a caption sharing a win from the week and the hashtag, #MoneyandMimosas. When you do that, you will be featured and entered into a drawing for our monthly giveaway.
But before you take a sip of that oh so tasty mimosa, we want you to have a money date.
It’ll only take fifteen to thirty minutes! Promise. Spending a mere fifteen to thirty minutes a week with your finances will completely shift your world and get you that much closer to living your BOSS life.
Here are the seven steps to cover during your money date. Print this off and keep it by your desk as a physical checklist.
Check your savings account. How much is in it? How far are you from your yearly and monthly goal? In the Money & Mimosas BOSS club, we challenge our members to add $10K to their savings within a 12-month timespan.
Review your checkings account. Make note of the current balance. If you want to make sure your money is working for you while it sits in the checkings, check out our friends at Radius Bank. Their hybrid checking account actually lets you earn interest on your balance. Sweet!
Pay yourself, first. While you’re in your checking account(s), total how much income was deposited this week. Take a percentage of it, anything from 10% and up, and transfer to your savings account or investment account. This is the most important step because you are declaring that your financial wellness is top priority.
Review your last week’s personal expenses. You can use a tool like Personal Capital or Mint to quickly review your categories. Make note of how much you spent on groceries, dining out, shopping. Did any of these totals surprise you or were they about what you expected?
Bookkeeping and review outstanding invoices. For all the bloggers and entrepreneurs, reconcile (aka categorize) your business expenses. Not only is this important for taxes, but it will help you plan for hiring, photoshoots, clothes, makeup and everything related to growing your brand. Do you have any clients that owe you? Are they overdue and need a reminder? Make note of how much money you are waiting for and how you plan on allocating it.
Pay bills. You can either choose to do this once per month or every Friday. Make payments on any credit card balance or bills that are due the following week.
Drink a mimosa. This is the most important step. Cheers to you for a week well done and spending quality time with your dolla dolla bills.
Wanna join the #MoneyandMimosas party? We're doing a monthly giveaway where one of you will win a self-love package!
To enter our monthly giveaway, take a pic of yourself with a mimosa, use the hashtag #MoneyandMimosas and share one win from this week on Instagram. Cheers!
This post is in partnership with Radius Bank.